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South Africa Working Group Releases New Position Paper Calling for Regulation of Crypto Asset Providers
13.6.2021
South Africa’s Intergovernmental Fintech Working Group (IFWG) has a released new position paper that calls for the regulation of the country’s cryptocurrency ecosystem. In the document, the IFWG, which is a creation of the South Africa Reserve Bank (SARB), recommends “a staged...
South African Crypto Exchanges Confirm Receiving Request for Client Data From Tax Collection Body
3.6.2021
Three leading cryptocurrency exchanges from South Africa recently confirmed receiving a request for client data from the country’s revenue collector. In a joint statement, the exchanges, (namely Altcointrader, Luno, and Valr) said this request, which targets a “selection...
Some African Crypto Users See Bitcoin as an Alternative Source of Retirement Income
1.5.2021
Bitcoin use cases in African countries continue to expand with the latest one being its use as an alternative source of retirement income. On a continent plagued by high inflation and unstable currencies, bitcoin, which is decentralized and censorship-resistant, is seen “as a safer source...
Crypto Exchange Luno Says South Africa’s Crypto Trading Dominated by Young People
19.4.2021
Luno, one of Africa’s pioneering crypto exchanges, has revealed that South Africa’s cryptocurrency trading is largely dominated by young people with those under the age of 29 accounting for 40% of transactions. The exchange, which claims to have added nearly a million new South African...
Akon City 2: Akon Unveils Plan to Build Second Futuristic Cryptocurrency City in Africa
11.4.2021
Another futuristic cryptocurrency city will be built in Africa, Senegalese-American star Akon has announced. The government of Uganda will make land available to him for the construction of the new crypto city. The akoin cryptocurrency will be used in the city, similar to how it will be in Akon...
South African Crypto Exchange Ceases Operations Less Than a Month After Suspending BTC Withdrawals
7.4.2021
A South African cryptocurrency exchange, Ice3x, announced on April 6, that it will permanently stop operations, less than a month after suspending bitcoin and litecoin withdrawals. Ice3x, which one of the oldest crypto exchange in that country, says it came to this decision after lawyers advised...
Ripple Partner Mercury FX Accepted Into ‘First Cohort’ of a South African Regulatory Sandbox
4.4.2021
South Africa’s Inter-governmental Fintech Working Group (IFWG) recently accepted Mercury FX, a UK-based e-money firm, into the first cohort of its regulatory sandbox. The firm, which harnesses the Ripplenet blockchain, says it wants to demonstrate its technology’s ability “to...
South African crypto firms warn opaque regulations are harming the industry
9.3.2021
South African crypto firms are threatening to move operations abroad if lawmakers don’t provide clear regulatory guidelines
South African regulators issue fresh crypto investment warning
4.2.2021
Authorities in South Africa are warning investors to be wary of scams amid the current crypto bull market
Ghanaian Startup Bitsika Africa Processed $40 Million in Crypto Remittances in 2020, up 3,900% Year-on-Year
5.1.2021
Bitsika Africa, a crypto startup operating out of Ghana and Nigeria, said Monday that it processed almost $40 million in remittances in 2020, up from just under $1 million the previous year. Founder and chief executive officer Atsu Davoh said that deposits accounted for $18.87 million of the total...
Crypto Assets in South Africa Would Be Considered Financial Products Under Regulator Proposal
21.11.2020
If implemented the declaration would require crypto firms in South Africa to register as a financial services provider
South Africa Unveils New Crypto Rules as Usage Soars Exponentially
21.11.2020
The South African financial regulator has published a draft declaration of crypto assets as financial products. The regulator says South Africa has experienced “an exponential increase in the provision and use of crypto assets.” South Africa’s Crypto Regulation South...
Akoin Cryptocurrency Launches in Kenya as Pilot for $6 Billion Akon City
14.11.2020
The akoin cryptocurrency, created by famous singer and philanthropist Akon, has started trading on a global crypto exchange. It is also being launched as a means of payment in a tech city in Kenya as a pilot for Akon City, the $6 billion futuristic city that is being built in Senegal. Akoin Crypto...
Crypto-Friendly Banking Platform Cashaa Expanding in India, US, Africa
5.9.2020
Crypto banking platform Cashaa has unveiled plans to expand its services in India, the U.S., Africa, and the Caribbean. In India, the company aims to create “the first crypto-friendly banking platform” that is regulated by the central bank, the Reserve Bank of India (RBI)...
South Africa Proposes 30 Rules to Regulate Cryptocurrency
19.4.2020
South Africa’s top financial regulators, including the South African Reserve Bank, have jointly released a policy paper with 30 recommendations for the regulation of cryptocurrency and related service providers. They aim to be in compliance with the cryptocurrency standards set by...